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The "Money Illusion" Keeps the Economy Hot | Juliette Declercq
Forward Guidance
The Impact of Inequalities on Demand
High income households save about like sweet to 3.5 percentage points more of the national income than before 1980. And that's really the key. If all the income, if basically a growing part of income is going to households that are not going to spend it, you've got a massive issue with deficient demand. They're investing it in bonds or savings accounts that earn 1%. So it's inherently disinflationary.
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